Stock quotation board



Feb. 19, 1935.l H. wl oN'ElLL STOCK QUOTATION BOARD Filed Dec. 5l, 1930 9 Sheets-Sheet l O'NEILL INVENTOR HENRY W.

ATTORNEY Om .OE

.wow D@ OOmw vo o o OOOOOOOOAOCHH OOOOOOOOLAKOVO o o o o w o O00 o Feb. 19, 1935. H. w. oNElLL STOCK QUOTATION `BOARD Filed Des. 9 'sheets-sheet 2 ATTORNEY f u :i E?.

Feb. 19,4 1935. H'. w. 'o NEILL STOCK QUOTATION BOARD 1 Filed Deo. 31, 1930 9 Sheets-Shes?l 5 INVENTOR HENRY W. O'NELL BY 4i. W

ATTORNEY Y .m .mi Y

.QUE

Feb. 19, l1935.

H. w. ONEILL l 1,991,984

STOCK QUOTATION BOARD FiledlDeC. 3l, 1930 9, Sheets-Sheet 4 INVENTOR HENRY .w. o'NElLl. lBY

ATTORNEY Feb. 19, 1935. H. w. oNElLL STOCK QUOTATION BOARD 9 Sheets-Sheet 5 Filed Dec. 3l, 1930 mul.-

INVENTOR HENRY w. o'NliILl.- BY AW ATTORNEY Feb. 19, 1935 4 `8 Ou 6 M u 9 N2. 3 Rx. L D. s n L l RU s N .md mi e AN@ uw. EW bpza VY 9 mRdA. N E H Vl D B R O w B l L 4 E w ,L N H 3 v A O T o w W o. .S d K e C H o n.. w F

ATTORNEY Filed Deo. 5l, 1930 9 Sheets-Sheet 7 lNvENoR HENRY w. ofNslLL y ATTORNEY PREvlous OPEN HlcH

Feb. 19,I 1935. H. w. oNElLL STOCK QUOTATION BOARDy Filed Dep.' 51, 1930 9 sheets-sheet 9 t... non Q0 ONn Patented Feb. 1,9, 193s A 1,991,984

UNITED STATES PATENT OFFICE 1,991,984 STOCK QUo'rA'rioN BOARD Henry W. ONeill, Elmhurst, N. Y., assignor to International Communications Laboratories, Inc., New York, N. Y., a corporation of New York Application December 31', 1930, serial No. 505,801

'l Claims. (Cl. 177-353) This invention relates vto signalling systems, Figure 3 shows the circuits of a permutation esand, more particularly to systems for the transcapement in the form of a relay PR which is mission, reception and automatic display o1 stock served by the equipment of Figure 2. A digit quotations, market reports and the like. transfer relay DT is also shown in this figure;

o Under the present system, there is contem- Figure 4 shows a group of relays D in asso-'- 5 plated an extensive universal network of sigciation with .a digit switch` DS which routes nailing channels for joining intra and inter city certain controls of the permutation relay of Figpoints in such a manner that a controlling point ure 3 by way of a register selector switch RS to may govern transmission eiects whereby, like register translators of Figure 5, while a group indications may automatically and simultaneousof relays PE form a link for selections from Figure 10 1y be set up at a number of widely separated as 3 to the equipments of Figures 6 and '1; and

well as et near or neighboring points. additionally, a schematic showing of groups of The principal object of this invention is to proregister translators 217, 218, 219, etc.;

vide improved apparatus and system for the more Figure 5 shows at the right top four price the transmission, reception and conversion of tion of a hunting or connecting switch CS; signalling eiects into symbols or characters auto- It also shows at the left top three quantity matically to be exhibited on a display or quotaregister translators RT2 of group 216 and another tion board. portion of the hunting switch CS; Another object of this invention is to provide Figure 6 shows master stock price and quan- 20 means whereby a smaller number of signals is tity selection relays and sets of indicator derequired for the posting of the price and quanvices of group or register unit DI (Fig. '1) for tity items in certain cases, such as, where two exhibiting the items or features of a quotation; quotations on different stocks are the same, where as for example, the low, last and quantity quotaonly one digit or fraction quotation diiers from tions; a previous quotation, and the like. Figure 'l shows indicator selection or shelf stor- Still another object of this invention is to proage relays IR and other indicator sets for the previde means for the` reception and registration vious close, open and high quotations associated of stock quotations irrespective of the transwith group DI; Y :i0 lation and display operations for previous quo- Figure isaschematic diagram to illustrate the 80 tations. order oi! the code-notching of the permutation or Another object of this invention is to provide control bars of the permutation relay PR. of means for reducing the transmission time of Figure 3; signals to a minimum, as by deleting parts of f Figure 9showsaclutch mechanism respectively signals. employed in the driving shafts of the register 85 It is also an object of this invention to provide translators of Figure" 5; means for reducing the total number of signals Figures 10, 11 and 12 are respectively side, face effective to post quotations on the board. and rear views of a stop magnet assembly for the Still another object of this invention is to proregister trauslatOrS 0f Figure 5; vide means whereby the five-element code em- Figure 13 is a face view of a magnet assembly 40 ployed' may be extended from `thirty-two (32) bracket 0f Figure 12; selections to upward of iifty (50) possible choices. Figures 14 and 15 show details of the coil and ther objects and features of the present inarmature of the stop magnets of Figures 10 and venticn will appear from the following descrip- 11; tion taken in connection with the accompanying Figure 16 is a face view o1 a lstop disc which 45 drawings in which: may be substituted for the stop disc of Figure 12; Figure 1 shows diagrammatically a transmitter Figure 17 ShOWS a IhEOStai'f transmitter which TT, and a sending start-stop distributor SD at forms a part` of the register translators of Figa main originating point or transmitting station; ure 5;

Figure 2 shows equipment at an inward point Figure 18 ShOWS details 0f the brush assembly 5 or statlon comprising a receiving start-stop disof the rheostat-transmitter of Figure 17; tributor RD, off normal cam ON and an actuator Figures 19, 20 and 21 are respective side seccam Ac which are controued by the transmitting' tion. rear and face section views 0f an inertia station of Figure 1, to, in turn, control a permucontact assembly, employed with the register tation relay mechanism PR ofFigure 3; l translators RTI and RT2 and the switch CS oi- .lo effective, reliable and economical handling of register translators RTl of group 216, and a por- 15 Figures 5 and 7 respectively and therein designated as IC;

Figure 22 is a view in side section of the point selecting motor for operating the display indicators DI of Figures 6` and 7;

Figure 23 is a section view on the line 23-23 of Figure 22;

Figure 24 is a schematic diagram of the field and armature windings of the motor of Figure 22;

Figures 25 and 26 are respectively face views of the upper and lower frame or support members of the motor of Figure 22;

Figure 27 is-a side view of the field coreof the motor of Figure 22;

Figures 28 and 29 are developed views of the indicator drums of the motors shown in Figures 22 to 27;

Figure 30 is a face view of a section of a quotation board to illustrate the display spaces to which the indicators of stocks may respectively be assigned, while Figure 31 shows the order in which the various sheets of the drawings should be placed for convenience in tracing the circuits, some of which extend from sheet to sheet.

In a general description of the present invention, quotation signals over a line L from the transmitting station (Fig. 1) are in the form of character signals, each comprising a series of impulse intervals corresponding with a single revolution of the sending distributor SD and the receiving distributor RD (Figs. 1 and 2). Under each character signal, the permutation relay PR (Fig. 3) is effected momentarily to apply ground over one of its 32 sets of contacts; the particular contacts selected will depend on the permutative relation of the impulse intervals of the signal. 'I'he selective capacity of any transmission code, of course, depends on the number of impulse intervals or elements of which each signal may be formed. Although a'transmission code of any desired capacity may be employed in the present system, the devices of the present embodiment have been co-ordinated for a five-unit transmission code which, of course, corresponds with ve impulse-intervals over the main line or transmission channel L.

The first eleven contacts of the permutation relay PR can be routed by way of respective contact arms of the digit switch DS, through contacts 2 and 3 thereof, to the group of relays PE, while the remaining twenty-one controls are normally routed over contacts of the digit transfer relay DT also to the group of relays PE. The latter group of relays are inter-connected to afford permutative effects relative to a plurality of selections, and under the present five-unit transmission code, there may be thirty-two relays in this group while each relay may be provided with thirty-two sets of selective contacts, Thus, a rst character signal may select and effect operation of any one of the thirty-two relays, while a second signal may connect energy over any one of the thirty-two contacts of the selected relay to effect response of a particular one of the group of thirty-two relays chosen, as the relays SR439, Figure 6. The latter relays are respectively associated with particular stocks and serve to prepare for connection of display indicators DI (Figs. 6 and 7) of the stock associated with the relay selected.

From the foregoing, it should be clear that under the present five-unit transmission code and the two-digit signalling procedure, thirty-two groups of stock relays having thirty-two relays per group or a total of ten-hundred and twentyfour such relays may be provided for individual selection.

Following a stock selection, the connecting switch CS is effected to find the output terminals of a particular register group on the input terminals of which the first eleven controls of the permutation relay PR may then be standing; the latter connection being determined by the position of the register selector switch RS. In 'the present embodiment of the invention, the four registers at RTl may correspond with the item of price as the fractions, units, tens and hundreds places, while the registers at 'RT2 may correspond with the hundreds, thousands and ten-thousands places of the quantity item of a quotation. Ordinarily, transactions concern blocks of one hundred shares each so that no units or tens places are required for the quantity item.

Under the price and quantity items of a quotation a single character signal corresponds with each of the places so that a total of four such signals are required for the price item, While three serve for the quantity item. The features of this system whereby a smaller number of signals are required for the price and quantity items in certain cases will presently be discussed. The switch DS steps one point following each character signal, therefore, as'the wipers of this switch rotate over contacts 4-10 the first eleven controls of the permutation relay PR are successively connected to the seven register units of the sets RTl and RT2 of group 216 (top of Fig. 5). Each of the register units comprises a plurality of selectable control magnets such as 350, 722, etc., on which an arriving signal may be stored, under the reception of a quotation over the signalling channel.

At a predetermined subsequent time, the translator portion of a register is rendered effective to energize polyphase connections to operate motors for control of the display indicators DI. The

quantity item of a quotation will be exhibited by the three display units TT, T, H, labelled Quantity (Fig. 6), while under each quotation the price item will appear on the four display units labelled Last. The various features concerning the price item of -quotations are recorded on the respective groups of indicators labelled previous Close, Open, High and Low (Figs. 6 and 7). Under the rst quotation at the beginning of a day, the price item shall appear on the Open, High, and Low indicators, as well as on the group of indicators Last. The indicators Open will not ordinarily again be operated during the current day so that the registers, Open, may continue to indicate the price at which the stock opened on the current day. For the High and Low groups of indicators, however, any subsequent quotation which may differ from the first or opening quotation will require display on either the High or the Low groups as well as on the group of indicators Last, and of course, this will depend on whether the later price is higher or lower than the opening price.

During the day, therefore. any new High or any new Low price in a quotation will necessitate a change on the respective groups of indicators High or Low. The groups of indicators Previous close are required for but one indication and 'that the price for the Last or closing quotation of a day. Such quotation continues on display during the following day thereby indicating the price at which the stock closed on the previous day.

The group of relays IR, Figure 7, under control of the permutation relay PR (Fig. 3) are-respectively selectable under a single digit over the line circuit L (Fig. 1) to connect either the Previous one point to another group of registers which may correspond with the registers RT1 and RT2. The operations of translating and effecting display of a quotation are carried out locally and independently of the transmission channel and receiving equipment. Therefore, stock quotations may be under reception and registration irrespective of the translation and display operations for a previous quotation or quotations.

In the handling of quotations, it is important to reduce the transmission or channel time to a minimum for each quotation. The present system has been developed with particular regard 'to this feature, and, asy co-ordinated, a maximum number of quotations may be transmitted and handled in a minimum lengthof time. After a quotation for a particular stock has been re- -ceived and displayed on the` indicators, which in each case are individual to a stock, the items remain exhibited until changed by a subsequent quot-ation which may differ from the previous quotation. For a later quotation transmission time may be reduced by sending only such places or portions of the items as may differ from the displays established by previous quotations. For example, assuming that the price indicators of a stock may be displaying the amounts 128% as established by previous quotations, and, further, that a subsequent sale in that particular stock has been made at 128%, instead of sending the complete item of 1281/8', which would require four character signals, a saving of '75% in the total time for transmitting the price may be had by sending a single character signal to change only the fractions place from and 1,43.

In a corresponding manner, it would only be necessary to send such places of the quantity item of a quotation as may differ from a quantity under display, as established by previous quotations. One of the features of the group of relays D (Fig. 4) is to aiord this saving in time by establishing operations to permit the places for the value 128 in the price to stand undisturbed. Under `a preferred procedure in the present system, the order of the transmission of the digits of the price and quantity items is progressively from the lower to the higher places. Thus in sending a price,

the first signal may represent the fractions place,4

the second signal the tens place, etc., while for quantity, a signal for the lower or hundreds place may rst be snt, the thousands next and the signal for the ten-thousands place last. For a sale that affects less than all of the places of price, or vall of the places of quantity, the character signal which corresponds with the highest place to be changed under either of these items, may, with the present system, be divided and rendered effective for dual control. Such control means that in addition to establishing the proper selective effect on the respective register, a portion of tli'e impulse intervals of the signal may for other selective purposes, is divided for dual, v

control effects, whereby. the relays D may establishcircuit changes to render it unnecessary to send any portion of the price item. In turn, when it may be desired not. to send the item of quantity, the divided or dual control signal may be rendered effective to delete the quantity item of a quotation and thereby effect a further appreciable saving in transmission time. In the present disclosure, however, the connective arrangement at the relays D is such that the quantity item will normally be deleted.

Before proceeding with a more detailed description of the operation of the present system,

`the features of the various devices and mechanisms will first be described. In Figure 1, only such portionsof the tape transmitter TT and the sending distributor SD have been shown as may bev necessary to a clear understanding of the system. Any standard five-unit code tape transmitter and start-stop sending distributor as commonly used in the printing telegraph art can be employed for sending the stock quotation signals in this system. A further explanation of the details of the tape transmitter shown in Fig. 1 may be obtained by referring to a pending application filed November 13, 1930 in the names of A. A. Clokey and G. S. Vernarn, Serial No. 495,370. Other methods of sending suitable for use with five-unit code signals can be employed, such as the use` of synchronized multiplex distributors, direct keyboard orso-called meta-l storage transmitters, as will be Well understood by anyone skilled in the printing telegraph art; it is therefore not intended that this invention be limited to the type of transmitter herein shown. The mechanism shown in Figure 1 is intended to show in simplified form the essential features of one such suitable sending arrangement.l

`Five contactor levers, 1 to 5, of tape transmitter TT are pivotally supported at 6 so that-the points at their free ends may trace respective paths along a transmission tape 7 advanced by a star Wheel 8 of a feed mechanism (not shown) -which vmay be geared also to the motor drive for the brush arm 9 of the sending distributor SD. Normally, the arm-9 is held latched by the armature of a stop magnet 10 against the tension of a friction clutch (not shown). A cam 11 may be understood as also attached to the shaft of the brush arm 9. Therefore, after the starwheel 8, operating through the feed`perforations 12, has positioned the tape '7 to present a transverse row of the code perforations to the tracer points of the levers 1 to 5, the cam 11 will close contact 13. Thereupon response of magnet 10 releases arm 9 which may sweep over the segments 15 to 21, successively connecting these segments to the transmission channel L. A circuit from the grounded battery normally extends through stop segment 21, brush arm 9 and a slip-ring 14 of the distributor SD to the line conductor L, whence it may complete a circuit to ground through a line relay LR at the'distant inward point (Fig. 2). When the brush crosses start segment 15, this circuit is opened to release line relay LR. The

` five segments 16 to 20 respectively connect to circuits of the levers 1 to 5 so -that any lever which may have entered a signal perforation in the tape 7, and thereby closed its contacts, will establish the associated grounded battery to the correspondingsegment of the distributor.

In traversing such' segment, therefore, the brush arm 9 will effect energization of the channel L with a corresponding marking impulse. The segment 21 is connected directly to the battery and during the interval the brush arm 9 may be passing over Vthis segment and also while resting on this segment, due to its being relatched by the armature of the magnet 10, the mechanism of the permutation relay PR at the distant point (Figure 3) may be functioning to translate the selective'signal formed of the five-impulse intervals established under the single revolution of the distributor arm 9. The five tape controlled contactors 1 to 5 and the five-distributor segments 16 to 20 correspond with a five-unit transmission code and each series of impulse intervals formed by one rotation of the distributor arm 9 may, for convenience, be termed a character signal. The signal perforations 22 to 53 in the tape '7 have been placed to correspond with the permutations required to select the respective 32 contacts 162 to 193 of the permutation relay PR of Figure 3.

A signal corresponding with the position 22 on the tape 7 is without perforations, and such signal serves for selecting the first contacts 162 on the distant permutation relay. Signal perforations 23 selectl the second contact 163, etc., until the last signal perforations 53 effect selection of the last contacts 193 on the permutation relay.

Directing attention to Figure 2, a motor M drives a main shaft 58 which is connected through a bevel gear 59 and a slip clutch 60 to a branch shaft 61 which carries the brush arm 62 of the receiving distributor RD, an actuator cam AC and an off-normal cam ON. A start impulse originated by opening of the line circuit when the sending brush crosses start segment 15 (Figure 1) releases the line relay LR (Figure 2) as a1- ready described. Thereupon, ground over the inner contacts of relay LR, segment 63, arm 62, a start segment 65 to grounded battery over the winding of a stop magnet '73 effects response of this magnet simultaneously with crossing of the start segment 15 by the brush arm at the transmission point (Fig. 1). Thus, the arm of the sending distributor SD and the arm of the receiving distributor RD are released to travel substantially in unison in making a single revolution, following which the stop magnets 10' and 73 will respectively latch and arrest the arms in the positions in which they are shown over their respective segments 21 and 65.

The segments 66 to 70 of the receiving distributor RD are the selecting segments and respectively correspondwith the segments 16 to 20 of the sending distributor SD. In turn, the tracer contactors 1 to 5 (Figure 1) correspond respectively with these segments which, from the distributor RD, may connect respectively to the/'control magnets 76 to 80 of the permutation relay PR (Figure 3). It should be noted that the connection from the segment 66 is routed over a sector 112 (Fig. 4) of the switch DS which serves to transfer this connection to the magnet 76 (Fig.

. 3) or to the relays D (Fig. 4) while the sector 113 pear. It should now be clear that during a single revolution of the distributors SD and RD, re sponse of the magnets 76 to 80 (Fig. 3) may be had according to which ones of the levers 1 to 5 at the sending station may have been actuated by code perforations in the transmission tape '1 (Figure 1).

In describing such features of the permutation relay PR (Figure 3) as may be necessary to a clear understanding of the present system, Figures 8 and 9 as well as Figure 3 and portions of Figure 2 will be considered. Five code bars 81 to are suitably assembled to be shifted longitudinally by the respective magnets 76 to 80 in order that selections may be made whereby, under a single character signal, notches in the five bars may be aligned for receiving one of the thirtytwo transverse bars 122 to 153. The selected bar may then close the respective one of the sets of contacts 162.to 193. In the operation of this permutation relay PR, the cam AC (Fig. 2) is so positioned that, following the instant the contactor arm 62 of the distributor RD has passed over the selective control segments 66 to 70 and therefore initially effected response of any selected magnets '76 to 80 (Fig. 3), a tracer wheel 88 (Fig. 2) of the lever 89 may enter the depression 90 in the cam disc AC. The free end of the cam lever 89 abuts a universal bar 92 which extends parallel with the code bars and engages each one of the thirty-two transverse bars 122 to 153 as illustrated in Figure 2, which includes acrosssection view on the line 2 2 of Figure 3, looking in the direction of the arrows, and also a schematic showing of the distributor, the restoring means for the permutation relay PR and certain control means associated with the distributor drive shaft. As shown in this view, all of the bars excepting the bar 84 are notched to receive the transverse or contactor bar 124. Therefore, assuming that the rotation of the distributor arm 62, as just described, effected response of magnet 79 (Fig. 8), bar 84 would thus be shifted so that this notch may complete the alignment. At this instant, the cam AC (Fig. 1) releases the universal bar 92 to present all of the transverse bars 122 to 153 for acceptance by the code bars 81 to 85 and only the aligned slot for the bar 124 will be present. Thus, under tension of a spring 93 (Fig. 2) this bar may move diagonally under guidance of pins 94 and 95 within respective slots 96 and 97 and thereby close the associated set of contacts 164. For-each of the bars 122 to 153, ground is supplied over a common wire 164A (Fig.

3) to the associated contacts, when they may be closed.

Advance of the shaft 6l (Fig. 2) to bring the brush arm 62 of the distributor RD over the rest or stop segment 65 also advances the cam AC substantially to theposition in which it is shown in the drawings. This permits the lever 89 to move the universal bar 92 to return the'contactor bar 1 24 and also to retain the bars 122 to 153 (Fig. 3) substantially free from the code bars 8l to 85. The working load for the magnets 16 to 80, in shifting the respective bars 8l to 85,- is thus reduced to a minimum so that the permutation relay PR may be operated at a maximum speed with a minimum of energy and mechanical wear.

With the object of clearly indicating the relation of the code perforations in the tape 7 (Figure 1) and the resulting control effects on the permutation relay PR, lines have been drawn (Figure 8) to show the relation between the transverse barsA 122 to 153 and the code bars 81 to 85. Transverse bars 122, 125, 128, 137, 140 and 153 only of Fig. 8 and the associated code bar notches are shownin correct detail; the remaining transverse bars and code bar notches are shown for the purpose of completing the diagram only. The transverse bars just enumerated correspond to tape signals 22, 25, 28, 37

and 40 of the tape 7 shown in Fig. 1. This gur'e shows that when a code bar, or several code bars, have beenv shifted slightly in a longitudinal direction under a selection, associated notches will be in position to receive a particular transverse bar. In effect, the positions of the notches in the code bars correspond with the presence or absence of Acode perforations in the tape 7 (Figure 1). For example, the signal represented by position 25 on the tape 7 has one perforation only and that in the path of the middle or third tracer, whereby a single marking impulse only may be transmitted. Such impulse will result in response of magnet 78 (Figure 3) to shift the bar 83 so that the fifth transverse bar 1.35 may be received to close its associated contacts 165. The relation of theV signals represented by the perforations 22 to 53 in the tape 7, relative to selection of the sets of contacts 162 to 193, should now be obvious and such clear conception of this relation should be of assistance to a ready understanding of the division of certain of the impulse intervals of composite digits, as presently will be described in connection with the terminating and deletion operations already mentioned.

In pointing out general features of Figure 4 in association with Figures 2 and 3, the off-normal cam ON (Figure 2) effects closure of the associated grounding contacts 87 on the instant the distributor arm 62 is released by the magnet 73, and these contacts are retained closed until the brush arm 62 has completed a revolution and been relatched in the position in which it is shown. The contacts 87 prepare a circuit for self-locking of any of the magnets 76 to 80 of the permutation relay PR, following their initial response. Ground potential over the contacts 87 also closes an obvious circuit for energization of a step control magnet 98 (Fig. 4) during periods the cam ON may be in motion. Following each character signal and the consequent release of magnet 98, the armature serves as a stepping pawl to advance a ratchet wheel 99 one tooth.

Under a common shaft (not shown), the ratchet wheel 99 serves to advance the contactor arms of switch arcs 101 to 116 of the digit switch DS one step under each release of magnet 98. It will be lnoted that of the sectors 101 to 111, only two (101 and 111) are shown. It will be understood that the switches not shown are to be similarly connected and respectively associated with the permutation relay contacts designated 163 to 1.71. The interrupter contacts of the magnet 98 serve in connection with the terminating and deleting effects which presently will be described.

Following reception of the signals of each quotation, the brushes of the switch arcs 101 to 116 will have completed a revolution and returned to their normal positions in which they are shown in the drawings. Under the first character signal of a quotation, the contacts 87 of the cam ON (Fig. 2) also connect ground potential over the to-release relay 100. Response of the latter relay connects ground potential to a holding bus conductor 117, the purpose of which will presently appear.

As the brushes of the switch arcs 101 to 116 are xed to a common shaft to operate in unison, the contacts of the arc 101 only will be designated and, as shown under the clock-wise movement of-the switches, these segments are numbered 201 to :210. The eleven switch arcs 101 to 111, of which only those designated 101 and 111 are shown, serve for successively switching the rst eleven contacts 162 to 172 of the permutation relay PR to different respective paths following cach character signal of a, quotation. The connections from each of these arcs follow a relatively uniform order. Therefore, complete circuits have been shown for the arc 101 only, from which it should be obvious how similar connections may be provided from the other arcs or sectors between 101 to 111.

During the reception of a quotation, ground potential will first be present on the bus conductor 117 (Fig. 4) over the contacts of relay 100 as already described, then, following the first step of the switch DS, grounding sector 115 of this switch will retain ground on this bus conductor. In addition to so-called holding effects for retaining relays of the groups D and PE, this ground also effects energization of a step control magnet 198 (Fig. 4) which operates a ratchet wheel 199 for simultaneously stepping the contactor arms of a plurality of arcs 221 to 295 of the register selector vswitch RS. This switch operates in substantially the same manner as the digit switch DS so that oneach release of magnet 198 its armature will advance all of the brushes of the switch RS one point. 'I'he latter magnet continues energized from the beginning to the cessation of reception of the signals or digits of a quotation. Therefore, this switch may step once following each quotation and serves to transfer the controls of the permutation relay PR as routed by way of the digit switch DS, shown to a next or idle register group shown schematically as 217; other similar groups are also shown schematically and indicated as 218 and 219. Although any desired number of registers or register translators may be employed, the present embodiment of this system is arranged for four register translator groups. A first register group 216 (Fig. 5) comprises the registers RT1 and RT2, and it will be understood that within each of the spacers 217, 218 and 219 similar register translator groups may be present and shall be served by the switch RS in the manner illustrated for the register translator group 216.

In describing the register translators, the power drive for the translation portion of these devices will first be considered. The main shaft 58 of the motor M (Figure 2) extends to the register translators RT1 and RT2 (Figure 5), and for each 'of the units of the latter groups, the clutch mechanism shown in Figure 9 is employed. In Figure 9 a first clutch disc 300, slidably splined to the shaft 58 by a feather 299 may, under energization of an electro-magnet 301, be stressed against a retractile spring 302 operatively to engage a second clutch disc 303 attached to a shaft by has quick-to-operate and slow-to-release characteristics in order that the contacts 307 may be retained closed for an appreciable interval following the release of the magnet 301. The purpose of the contacts 307 and also the circuit for energizing the clutch magnet 301 will be described presently.

In describing the features of the register translator units, attention will first be directed to Figures 10 to 16. The banjo-shaped bracket 345, preferably of insulating material (Figure 11) has a central bore 346 which freely encircles the shaft 304 and forms an assembly base for eleven solenoids 350 to 360 circularly spaced thereon. The central supporting sleeve 361 of each solenoid projects beyond the coil at one end (Figure 14) and the eleven bores 370 to 380 in the bracket 345 (Figure 13) receive this projecting portion of the sleeve of each solenoid. By means of a spinning operation, the ends of these sleeves are suitably flared for securing the solenoids to the bracket member 345.

A plunger armature 362 (Figure 15) is provided with a head 363 at one end and a metal ball 364 freely cupped to be retained by the other end of the armature. The dotted line or mark AA near the center of the armature divides the ferric portion at the left from the non-ferric metal portion at the right of this mark on the armature 362. As assemmed (Figure io), the head 363 forms a shoulder to permit an encircling retractile spring 365 normally to retain the armature in the position in which it is shown. A stop disc 366 under a slot 367 and pin 368 is slidably connected to rotate with the shaft 304 and the spring 369 normally retains this disc adjacent the bracket 345 and free from the contactor brush 383, which is carried by a block 384 secured to the bracket 345. A' second brush 385 attached by a block 386 to the bracket 345 is positioned to trace the periphery of the disc 366 in establishing electrical contact therewith.

As shown in Figure 11, one terminal of each of the solenoids 350 to 360 is connected common to a bus conductor 316 which is routed to grounded battery through an associated inertia contact unit shown in detail in Figures 19 to 21. The other terminal of each solenoid is connected to be selectable under momentary ground over the controls of the permutation relay PR, as routed over the digit switch DS and the register selector switch RS, Figures 3 and 4. The latter terminal of each solenoid is branched or half-tapped to the associated retractile spring 365 (Fig. 10), thus rendering this terminal common to the respective plunger armature as the armature 362.

Under energization, a solenoid thrusts its armature 362 through the respective bore of the assembly bracket 345 to engage'the disc 366 and thereby force the latter to the right into engagement with the brush 383. In Fig. 5 the contacts 366 associated with solenoid 350 represent the connection between the disc 366 and the Wiper 385 of Fig. 10, and the contact 383 represents the brush 383, Fig. 10. It is apparent that upon the operationof the solenoid 350 a locking circuit for the solenoid is completed from battery, inertia contacts IC, winding 'of solenoid 350, plunger 362 of the solenoid, contacts 366, or disc 366 and wiper 385, conductor 486 to ground through the winding of relay 487, Fig. 7. 'I'he clutch magnet 301, Figs. 5 and 9, is likewise operated upon the actuation of solenoid 350 over a circuit extending from battery, winding of price master relay 538, Fig. 6, conductor 533, inertia contacts IC, Wiper of sector 587 of switch CS, conductor 491,

rotates the disc 366 (Figs. 10 and 12) until its stop bore 387 (Figure 12) aligns to receive the plunger of the solenoid which may be energized. Thereupon, the spring 369 thrusts the disc 366 to the left to receive the stop pin armature while also clearing the disc from the brush 383 thus opening the circuit of the clutch magnet 301, Figs. 5 and 10. The shaft 304 is consequently arrested. The shaft 304 carries the brushes of the associated rheostat transmitter and it should now be clear that the solenoid magnets 350 to 360, in effect, constitute regiser or storage means for selective digits received from over the signalling channel L and, further, that these solenoids also serve as governing means for operatively controled for the disc 366 of Figure 12 in situations where,

it may be desired to provide that, for each operation of a register translator, a complete revolution of the brushes of the transmitter rheostat TR (Fig. 17) shall always be had. The singler revolution will be added to the travel from the position where the brushes of the transmitter rheostat may have been at rest to the position corresponding with that of a selected one of the solenoid stop magnets 350 to 360 (Fig. 11). The additional travel increases the range through which the armature may come into alignment with the travelling consequent poles set up in the field of the motor, presently to be described.

The disc 466 (Fig. 16) differs from thel disc 366 (Fig. 12) principally in that at certain times a mask plate 468 will be positioned to cover the stop bore 467 which corresponds with the stop bore 387 of the disc 366 (Fig. 12). Within a recess 469 in the face of the disc 466, the plate 468 is seated to rotate about a bearing 470. A 'plurality of ribs on the teeth 471 to 476 (Fig. 16) may respectively come into the circular path indicated by a line 477. This path corresponds with the trace of the armature plunger of any sole.

noid as the solenoid 350 (Figure 10), which may be under energization while the shaft 304 may be under operation in revolving the disc 466. Let it now be assumed that the disc 466 is positioned in substitution of the disc 366 in Figure 11 and is in motion while the solenoid 350 is energized. Following the instant the ridge of tooth 471 (Fig. 16) reaches the armature 362 of solenoid 350, the plate 468 will be revolved and, as no opening is present between the tooth 471 and the tooth 472, the plate 468 will serve as a mask to prevent the plunger 362 from entering the stop bore 467 in the disc 466. When the tooth 471 reaches a point beyond the range of the plunger, the plate 468 isl so positioned by the spring pressed roller arm 480 that the next tooth 472 is in the path 477. The disc 466 may now continue through a complete revolution and, when the tooth 472 arrives at the plunger armature 362, the plate 468 will be advanced until the bore 482 registers with the stop bore 467, whereupon the plunger 362 will be received therein to arrest the disc 466. On release of the solenoid 350 as already described, the pawl or jockey arm 480, in tracing its path to the lower-most portion of the respective depression in the edge of the plate 468, will cause this plate to be advanced to the point where the next tooth 473 will just come within the path 477 (Fig. 16) of any one of the plungers of the solenoids 350 to 360 (Fig. 18). The stop control bores in the plate 468 lie at the rear of every other tooth 472, 474 and 476, while no bores are present for the other teeth 471, 473 and 475. Therefore, from the foregoing it should now be clear that under selection and energization of any one of the stop solenoids 350 to 360 and the resulting operation of the shaft 304, one complete revolution of the stop disc 466 may always be had before any stop solenoid may be rendered effective to arrest the motion of this disc. In describing the converter or transmitter portion of the register translator, whereby direct currents are changed into polyphase alternating currents for operating the motors of the display indicators DI (Figures 6 and 7), reference will be had to Figures 17,and 18. An annular core 390, preferably of insulating material, is provided with a winding 391 consisting of asingle layer of resistance wire to form a circular rheostat. The inner wall of this winding is suitably scraped or surfaced to form a conducting path to be traversed by oppositely positioned brushes in the form of contactor rollers 392 and 393, respectively carried lby the arms 394 and 395. The latter arms are fixed to rotatev with the shaft 304 but are electrically separated therefrom by an insulating sleeve 396 (Fig. 18) and from each other by a washer 397. Stationary brushes 398 and 399 are positioned respectivelyto contact with circular hub or shank portions of the arms 394 and 395 for supplying direct current energy to the winding 391 ofthe rheostat. 'I'he circuit for the direct current is under control of the contacts 307 of the clutch assembly shown in Figure 9 and Fig. 5. Three paths branching from respective points spaced 120 apart on the rheostat form a polyphase circuit which may be selectably connected to the individual motors of respective stocks, as subsequently will be traced.

In describing the inertia contact assembly IC, Fig. 5, employed with the register translators RTl and RT2, Figure 5, and also with the connecting switch CS, Fig. 5, attention will be directed to Figures 19 to 21. A hubbed support disc 450 (Fig. 19) attached by set screw 451 to the shaft 304 has a tubular washer 452 of insulating material about its periphery which in turn is encircled by a collector-ring 453. To the inner wall of the latter ring, one end of a spring brush 454 is secured at a point 455.A Near the free end of the brush 454 a weight 456 is attached. A bracket 459, of banjo form, has a central bore 460 to encircle the shaft 304 from which, however, it will be held electrically insulated. A hub-like extension 461 on the bracket 459 serves as a collector-ring to be traversed by the free end of the brush 454 while a stationary brush 462 is attached by an insulating block 463 to the bracket 459. Under clock-Wise rotation of the shaft 304, weight 456 will tend to press the brush 454 into contact with the ring or hub 461 while on sudden arrest of the shaft'304, effected as already described, by the stop mechanism of Figures 11 to 14, the centrifugal effect on the weight 456 will result in lifting the brush 454 momentarily from the ring 461. As already mentioned, energy from 'grounded battery through this inertia contact unit forms a common supply for the stop or storage magnets 350 to 360 (Figure ll) so that arrest o f theshaft 304 and the resulting momentary separation of an 'associated set of inertia contacts IC will permit release of such magnets.

For use with the connector switch CS, Fig. 5, the control of the inertia contacts IC is inverse to that just described in connection with v the register translator. The inverse effect requires that, during periods the driving shaft may and may be closed only after the mechanism has come to rest. Thus, certain paths are disconnected during periods the hunting switch CS may be in motion while, conversely, such paths will be closed when the switch CS has found and come to rest on the output terminals of a desired group of 'register translators. This inversion of control may ybe had merely by resorting to counter clock-wise instead of clock-wise rotation of the shaft 304 (Figures 19 to 21). For example, under counter clock-wise rotation of the shaft 304 (Figure 20), centrifugal effects will cause the'weight 456 to lift the free end of the spring brush 454 from the collector-ring 461. It should thus be clear that on any shaft having a predetermined direction of rotation, either one of the two alternate circuit control conditions of the inertia contact unit may be had merely by facing the assembly in either righthand or in left-hand relation, relative to its assembly on the shaft.

In describing the features of the polyphase motors ofthe display devices DI, reference will beC had to Figures 22 to 29. An annularly formed core 500 (Fig. 24) of ferric metal is provided with three magnetizing coils 501, 502 and 503 (Figure 24), the terminals of which are inter-connected according to the well known mes combination of polyphasecontrol. Conductors 504, 505 and 506 form aethree-wire circuit which may be routed through certain switching devices, presently to be described, to the translator rheostat TR (Figure 17) where they connect, as shown, in mesh relation to the Winding of this rheostat.

Under closure of the contact 307 (Figure A9) direct current to the brush membersc 392 and 393 (Figure 17) may, under rotation of the shaft 304, set up polyphase currents of substantially sine-wave form in the field windings 501, 502 and 503 of the'motor CM (Fig. 24). An armature 510 of ferric metal carries a winding 511 which, at a proper moment, is energized by direct current so that the resulting magnetic poles set up therein may cause this armature predeterminedly to be influenced according to the magnetic sense of the poles set up in the field of this motor. 'I'he armature may be of H form (Figure 22) with plates 514 and 515 of insulating material attached across its extremes. 'I'hese plates carry spindles 516 and 517 journalled centrally in the circular portion of two metallic brackets 518 and-519. As shown, .terminals 512 and 513 of the armature winding connect respectively to the spindles 516 and 517, whence they make electrical contact respectively with brackets 518, and 519 to which exterior leads 508 (Fig. 25) and 509 (Fig. 26) may be attached.

Supporting studs 522, 523 and 524 (Fig. 27) are suitably secured to the field core 500 at points intermediate windings 501, 502 and 503. These studs may be inserted in the three respective bores 525, 526 and 527 shown in the lower bracket 519 and serve for supporting the field of the' motor. Circular grooves 529 and 530 (Fig. 26) in the upper face of the lower bracket 519 receive the rims of an annularly formed cup-like unit 531 which preferably may be of copper. This unit 531 houses the eld assembly over its windings 'andv serves to present a smooth and uniform wall for the gap-space between the field Aand the armature 510, and also forms a similar uniform be in motion,the contacts shall be retained open and smooth walled gap-space between the fleld winding and the inner surface of a display drum 534. The walls of the shield 531 are in the magnetic circuit and therefore serve to damp or give a dead beat eect relative to rotation of the armature 510 of the motor. The display drum 534 is in the form of a cup inverted over the field and armature assembly of the motor, and is attached to the upper plate 514 of the armature 510. The outer side wall or face of the drum is divided int-o eleven spaces in which the characters 1 to 9 and O appear, with one space left blank as partly shown in Figure 28. This marking is suitable for the display drums of the places of the quantity item and all excepting the fractions place of the price item of quotations. For the fractions place, nevertheless, price drums having the same marking may be employed, in which case the 8, 9 and 0 spaces would remain idle and never be used. Therefore, the stop solenoids for the latter three places would always remain idle, or such solenoids may be dispensed with on the registers of the fractions places. When used for the fractions places, the numerals should be distinguished by color or have a different color for the background, in order that the readings may readily be differentiated from the integral places of the price item.

Under an alternate arrangement for marking the display drums of the fractions places, the circumference of the drums may be divided into eight spaces, seven of which shall correspond with fractions places in eighths, while one blank space will be provided as partly shown in Figure 29. The windows or exhibit openings of the face of a display board may be of greater width for the fraction places than for the other places of the price and quantity items, so that the visibility or distinctness range for all of the places shall be substantially uniform. The display drum 534 being integral with the armature 510, it follows that when the motor is controlled by polyphase currents from the transmitter rheostat TR (Figure'l'?) the drum may be positioned at such points as may correspond'with the consequent poles in the field of the motor as established by the position in which the brushes of the transmitter rheostat may have selectively been brought to rest, as hereinbefore described. Therefore, assuming that two lines 535 (Figure 25) mark the side boundaries of a sight range for viewing the display surface of the drum 534, it'should now be clear that under a certain relation of the position of the stop magnets 350 to 360 (Figure 11) and the numerals on the surface of the drum, any predetermined one of the latter markings may selectively be positioned for View within the limits of the lines 535.

The armature 510 of the motor CM is adapted to a limited longitudinal motion as Well as rotary motion. Normally, the spring 520 retains the armature lifted longitudinally as shown in Figure 22 for the purpose of seating a locking-pin 521 carried by the plate 514 in a respective one of the bores 550 to 560 in the upper bracket 516 (Figure 25). As circularly spaced. the latter bores respectively correspond with positions in which the characters on the drum 534 may be presented for view at the sight space 535. In the recording of a quotation, energy through both the field and the armature windings of the motor CM iirst stresses the armature 510 downwardly until the stop pin 521 is removed from a respective bore 550 to 560, in which it may have been seated under a previous selection. Thus freed, the armature may then revolve and come to rest in a position corresponding with the position in whichthe brushes of the transmitter rheostat may have been arrested under translation of a registered selection, as hereinafter will be described. Following this, the circuits oi' the motor CM are automatically disconnected and the spring 520 may thrust the armature upward so that the stop pin 521 may enter the respective one of the stop bores 550 to 560. Thus the display drum 534 may exhibit the selected character until it may be changed by a subsequent quotation.

The downward stroke of the armature 510 may be so proportioned to the length of the stop pin 521 that -the latter may serve as a clock-pawl in tracing a circular path on the under surface of the bracket 518. This path is provided with sloping approaches to the bores 550 to 560 as ny suitably counter-sinking these bores, as shown in the drawings. The clock-pawl eiect, while serving to damp the armature, also will have the effect of quickly centering the armature at a selected point. The stop pin 521 is electrically insulated by being seated in the plate 514 which, as already mentioned, is of insulating material. The brackets 518 and 519 may be xed to, but electrically insulated from, suitable supports (not shown), so that conductors 508 and 509 respectively attached thereto may serve as exterior leads for connecting the armature winding 511.

In describing a preferred arrangement, for grouping the display devices of a plurality oi' stocks or securities, attention will now be dlrected to Figure 30 of the drawings. Therein, a suitable frame means comprises an assembly in form respective rectangular spaces in which display devices corresponding with the devices DI of Figures 6 and 7 are provided. The respective spaces form uniform vertical and transverse rows throughout the face of the display board DB. Only the upper left-hand corner of a board has been shown, as it is believed that this will be suiiicient to a clear understanding of the order, arrangement and significance of this equipment. At the left-hand margin of the board, a vertical designation space 600 forms a column for successions of eight items which give significance to respective lateral alignments 601 to 608, 701 to 708, etc., with respect to stocks which are assigned throughout vertical sections of the board. In the i'lrst transverse or lateral designation space 601, the item Dividend is shown in the ilrst vertical designation space 600, the item G5 in the second vertical designation space 611, and the item A2 in the third vertical designation space 612, the items G5 and A2 just mentioned indicating the dividend rate for particular stocks. In the second transverse designation space, under the first vertical designation space 600 the item Stock is shown, and in the second vertical designation space 611 the item ITX is shown, and in the third the item TC is shown, the abbreviations representing different stocks.

The display space for each stock is set off into twenty-four squares and each one of the latter will be understood as corresponding with the sight space 535 (Figure 25) for viewing the characters of the display drums 534 (Figures 22 to 29). Each of the squares is occupied by a display indicator and the respective groups of four indicators of each lateral row will be understood as corresponding with agroup of indicators as H, T, U and F of DI shown in Figures 6 and 7. In these figures, the labeling of the respective groups of indicators corresponds with the markings in the vertical designation space or column 600 (Figure 30). For purpose of illustration, ngures to cover the several features of the items of quotations have been assumed and entered in the display space of the stock ITX. In they present art, the lateral rows 603 to 608, 703 to 708, etc., are commonly referred to as shelves and, for convenience, that term will hereinafter be employed in referring to them. Thus, for the shelf Previous close (603) the amount 1597 may indicate that the last sale on the previous day was at the price of $159% per share for the stock ITX. It will be pointed out that the righthand figure of the items of the shelves 603 to 607 signify fractional places in eighths. For the shelf Open (604),-1623 indicates that on the current day the rst sale under the stock ITX was at the price of $162%. For the shelf High (605), i652 indicates that during the current day up to and including the last sale the highest price for thestock ITX was $1651/4, while in a corresponding manner the price 1585 on the shelf Low (606) indicates that the lowest price for this stock on the current day was $1585/8. The amount 1591 on the shelf Last (607) indicates that the last sale for this stock during the time this indication may be present on the current day was made at $15954, per share.

Under each quotation, the item of price is registered on the indicators of the shelf Last,

irrespective of whether the price may or may not have also been caused to appear on the devices of the Close, Open, High and Low shelves. It will be mentioned that under the first sale of the current day the price will appear ,simultaneously on the devices offthe several shelves, Open, High, Low and Last. The operations for such evnects will be traced presently. On the lowermost shelf, Quantity (608), the figures 475 indicate, under certain operating procedure, that the last current sale at $159V5 was for 47,500 shares of the stock ITX.

As already mentioned, the sales ordinarily are in lots of one hundred shares, and under sales of broken lots of less than one hundred shares the quantity is not registered. Under a quotation for such a sale, digits may be sentv over the signalling channel L to erase the quantity item which may be present under the registration of a previous sale, by causing each one of the indicators of the shelf Quantity to display its blank face.

The headings in the column 600, for the respective transverse designation spaces 701 to 708 as shown, are duplicates of the headings for the transverse designation spaces 601 to 608 associated with the first or uppermost row of stock display spaces and serve for the stocks which may be assigned to the second transverse row ofA stock display spaces. Thus, it will be clear that successive transverse rows of display spaces extending to any desired distance to the right, may be added to accommodate substantially any desired total number of stocks. In a corresponding manner, the vertical rows of stock spaces 701, 702, etc., may continue downwardly.

For indicating the interest rate for loans, ai

space on the display board may be especially provided if desired. However, the features of the vinterest rate correspond substantially with the features of the price item of quotations and, for the sake of uniformity, one of the regular display spaces for a stock may be utilized to exhibit the loan rate for money. To illustrate this, the heading Money has been placed on the lateral 602 above a stock space in which various interest rates have been assumed and entered for convenience of description. Th'us, on the shelf Previous close (603) the gure 6 indicates that at the close of the market on the previous day the interest rate was 6%; 62 on the shelf Open (604)I indicates that the first loan on the opening of the market on the current day was at 61/4%. The right hand vertical row of indicators in the Money space correspond with fractions in eighths, the same as under the price item of quotations. The shelf High (605) displays 6%% as the highest previous rate on the current day, while 61A;% on the shelf Low (606) corresponds with the lowest previous rate on the current day. The display 62 on the shelf Last (607) indicates that the last current loan was made at the rate'of 61A% interest.

It should now be clear that each of the stocks of a market may be assigned to a respective display space on a. quotation board. The operations of choosing any one of the stocks so assigned will, for convenience of description, be referred to as stock selection. As an aid to ready comprehension of the stock selection operation, the general plan may briefly be outlined by assuming that `the stocks, as well asthe various switching devices, are arranged in the order of groups of thirty-two stocks, each to correspond with the thirty-two contacts of the permutation relay PR. Thus, the display board may have a width to accommodate thirty-two stocks in each transverse row and a height to provide for thirtytwo transverse rows. The uppermost transverse row may be indicated as the first group, thence progressing downwardly to the lowermost row which would be the thirty-second group of stocks. Each of the one-thousand twenty-four stocks is provided with a control or master relay and these relays are divided into groups of thirty-two relays (SR 439, .Figure 6) to correspond respectively with the groups formed of thirty-two stocks.

There are thirty-two relays in the group of common selection relays PE (Figure l4) and each of theserelays is provided with thirty-two selectable contacts which serve a respective group' of the individual stock relays SR 439, Fig. 6. At a certain instant in the transmission of a quotation, the thirty-two relays of the group PE are connected respectively to the thirty-two contacts 162 to 193 of the permutation relay PR and therefore are selectable thereover, while during a following instant the thirty-two contacts of the permutation relay are connected to bus conductors which branch to respective ones of the thirty-two sets of contacts of each of the relays of the group PE. Therefore, while the first unit may select one of the latter relays, the second unit may eect a selection by way of the permutation relay PR and contacts of the selected one of the relays PE to cause initial response of a desired one of the individual stock relays SR 439, Fig. 6, which may be in a group of thirtytwo relays` served by the relay first selected in the group PE.

Following initial response of a stock relay y439 (Fig. 6) which may have been chosen, a hunting switch CS, individual to this stock relay, responds to nd and prepare for connecting the respective groups of the display devices of the desired stock to the output terminals of the parobvious that under the assumed "two-unit" code for effecting stock selection, the first unit may be termed a group selection agent for selecting any one of thirty-two groups of master relays 401, etc., 412, 432 of PE, Fig. 4, while, in turn, the second unit may select any individual one of the thirty-two stock relays 439, Fig. 6, of the group first selected.

Referring again to the transmission portion of this system (Figures 1, 2 and 3), the various points 22 to 53 on the tape 7 (Figure 1) may correspond with respective units and, for convenience of description, these preferably will be so termed hereinafter. Under absence of perforationsfin the tape for the digit 22, on the instant the feed mechanism has advanced the tape 7 so that the location of a unit of this character may come to the transmission position Jbelow the tracers 1 to 5 of the transmitter, the contacts 13 of the start circuit will close and the arms of the distributors SD and RD' will be released to sweep through a single revolution. as already described. Due to the absence of perforations in the tape 7, no current changes will take place over the line L and therefore the magnets 76 to 80 (Fig. 3) of the permutation relay PR may continue inert in their normal positions. Therefore, when the cam AC (Fig. 2) has rotated to the translation position and permittedpresentation of the transverse bars 122 to 153 (Fig. 3) for acceptance by the code bars 81 to 85, only the rst bar 122 may be received, as a slot for this bar is always present during periods the permutation relay PR may be in its normal position. Thus, the contact 162 of the relay PR (Fig. 3) may be closed under a unit where there is entire absence of selective impulses over the line and under which the socalled start impulse only is present for initiating operation of the start-stop distributors at each end of the signalling channel. It is now believed that suicient description of the transmission portion of this system has been given for ready understanding of how the transmission of any one of the thirty-twounits 22 to 53 may effect momentary closure of any one of the thirty-two contacts 162 to 193 respectively, of the permutation relay PR.

In a more detailed description of the system features of this invention, a quotation will now be assumed for the stock ITX and this quotation will further be considered as a new 'low price which would therefore be received on the shelf Low (606) as well as on the shelf Last (607, Figure 30). Complete items to form a full quotation will be considered and therefore the transmission will require ten successive character signals. The first character signal will serve to select the shelf Low, the second and third character signals will select the stock ITX, the next four character signals will record the price item, while the last three character signals will record the quantity item.

A price of $1111/8 and the number 11,100 for the quantity as indicated have been chosen, chiefly to simplify the transmission from over the channel L to ten repetitions of the same character signal 22, successively to close the rst set of contacts 162 on the permutation relay PR (Fig. 3) Attention may thus be free for concentration on the recording and translating effects, all of which will be by way of the single switch sector 101 of the digit switch DS (Figure 4).

Under the first or shelf selection signal 22, momentary closure of the contacts 162 of the permutation relay PR connects ground potentiala over the contactor arm and segment 201 of switch sector 101 (Fig. 4), conductor 317 (Fig. 5), thence to grounded battery over the serially connected windings of two relays 318 and 319 (Fig. 7). Response of relay 318 closes an obvious I circuit through a resistance 320 for locking these relays operated. Closure of the contacts of relay 319 (Fig. 7) connects grounded battery to the contactor arm of the sector 295 of the register selector switch RS (Fig. 4). This potential may be termed marking battery" which identifies the position of the switch RS relative to the particular register translator group which may have its input terminals engaged a this time by this. switch RS. The purpose of t e marking battery and also further effects due to the operation of the shelf selection relay 318 (Fig. 7) will presently appear.

During reception of the signal for the shelf selection, the contacts 87 at the cam ON (Fig. 2) stood closed to retain the stepping magnet 98 (Fig. 4) of the switch DS operated over an obvious circuit. On cessation of this signal and separation of the contacts 87, release of magnet 98 advances the arms of switch sectors 101 to 116 of the digit switch DS one step to the' respective next segments (202) In this position of the switch DS, the segment 66 of the distributor RD is connected over a conductor 156, Fig. 2, the arm and second segment of the arc 112 of the switch DS (Fig. 4) and an obvious circuit to grounded battery through the winding of the control magnet`78 of the relay PR (Fig. 3) In a corresponding manner, the segment 67 of this distributor is connected over a conductor 157 (Fig. 2) and the arm and second segment of the arc 113 to grounded battery through the winding of the magnet 77 (Fig. 3).

For the first character signal of stock selection, repetition of the signal 22 again effects closure of the contacts 162 of the relay PR (Fig. 4) toy apply ground potential over brush and segment 202 of sector 101, conductor 435, thence to grounded battery over the normal contacts and winding of the relay 401 of the group of permutation effect relays PE. In operating, the transfer contacts of the relay 401 disconnect the lead 435 and lock this relay energized to the holding bus conductor 117 now grounded over the sector 115 of the switch DS which is in its oil normal position, as already described. On cessation of the first signal of stock selection, release of mag- /net 98 advances the switch DS one point where all of the brushes sectors 101 to 116 will be on their third contact segments 203. The contact arm of sector 114 (Fig. 4) upon reaching the third position will establish an obvious circuit through the winding of relay DT (Fig. 3) This relay will operate and lock to grounded conductor 117 (Fig. 4). Operation of relay DT at this time serves to transfer the permutation relay contacts 173 to 193 from the windings of the associated relays PE to the bus wires 117A connecting tothe contacts of these relays. Under repetition of signal 22 for the second character signal of stock selection, closure of the contacts 162 of relay PR (Fig. 3) connects ground over the brush and segment 203 of sector 101,

conductor 436, the rst set of selectable contacts of the relay 401, conductor 437 (Fig. 4), thence over a. resistance 438 and the winding of the relay 439 (Fig. 6) to grounded battery. The latter relay may be considered as the master relay for the stock ITX.

Response of the relay 439 establishes an obvious sfelf locking circuit which includes the resistances 438 (Fig. 6). The contacts of the relay 439 also connect ground potential over the conductor 565 (Figs. 6 and 7) to grounded battery over the l interrupter contacts and winding of a step control magnet 566 (Flg. 7). Under self-interruption, the armature of this magnet acts as a stepping pawl to drive a ratchet wheel 567 to revolve a shaft (not shown), which carries the nineteen contactor arms of the switch sectors 571 to 589 of the hunting or connector switch CS. n

Under control of the magnet 566 (Fig. 7), the switch CS continues to advanceuntil the arm of the sector 585 finds the segment that is ccnnected by conductor 321 (Figs. 4, 5 and 7) to the segment on which the switch arm of the sector 295 (Fig. 4) of the register selector 4switch RS may be standing at this time. Thereupon, the grounded battery prepared over the contacts of the shelf relay 319 (Fig. 7) may traverse the sector 295 of the switch RS, conductor 321, a contact and the brush of sector 585 of the switch CS, conductor 437A (Fig. 6), outer normal contacts of a relay 538, thence over a conductor 539 to a point intermediate the resistance 438 and the relay 439. This battery potential shunts the latter relay which thereupon disconnects the stepping magnet 566 and thus permits the switch CS to come to. rest in the position corresponding with the segment on which the marking potential was found. This position is the position in which this switch is shown in the drawings, whereby the sectors 571 to584 now join the output terminals of the group of registers 216 (Fig. 5) comprising sets RT2 and RT1 to conductors which stand ready for connection to the display devices of the stock ITX. For the present example,

it may be assumed that the six groups of indicators generally denoted DI of Figures 7 and 8 are associated with the latter stock.

During the interval the switch CS was locating the output terminals of the register group 216, the transmission of the items of the quotation had continued without any interval or spacing between successive signals, and certain of such transmissions will now be described, as effects thereby set up permit completion of switching operations finally to connect the display devices of the stock selected. Following the third character signal of the quotations, which was the second or last signal of the stock selection, the digit switch DS will have advanced to its fourth contact point 204. Therefore, repetition of the signal 22 for the fractions place of the price connects ground potentiai over the contact 162 (Fig. 3) of the relay PR, brush and contact 204 (Fig. 4) of sector 101, conductor 701, brush and contact of sector 221 of the register selector switch RS, conductor 711 (Fig. 5), the winding of the'stop control magnet 350, a conductor 316 to grounded battery over the recoil or inertia contacts IC. Under response, this magnet closes its locking contacts 366 (Fig. 5) to ground over a bus conductor 486, sectors 589 (Fig. 7), lead 590 and sector 588 of switch CS, conductor 543, and the normal contacts of the now deenergized relay 439. y

Ground from relay 439 is thus substituted for the Vimpulse of ground potential first received from the permutation relay PR and serves for retaining the magnet 350 energized. The latter magnet also closes its contacts 383 in branching ground over the winding of the associated clutch magnet 301 (Figs. 5 and 9), a bus conductor 491, a contact and the brush of switch sector 587 (Fig. 7), inertia contacts IC 592, a conductor 593 to grounded battery over the winging of the price master relay 538 (Fig. 6) Y Under response, the battery contacts of relay 538 energize a bus conductor 540 (Figs. 6 and 7) to effect response of a connecting relay 541 (Fig. 6). The right-hand contacts of relay 538 transfer the connection of the marking battery present on the conductor 437A to a conductor 542 (Fig. 6) thence over the winding of the shelf master relay 323 (Fig. 7), conductor 590, the arm and a contact of sector 588 of switch CS, to ground over the conductor 543 (Fig. 6) and the normal contacts of the master stock relay 439.

Due to the locked position of the relay 318 (Fig. 7) as already described, response of the relay 323 (Fig. 7) permits its inner contacts to complete a derived circuit over a conductor 546 in connecting the shelf relay 547 (Fig. 6) to respond in parallel with the resistance 320 (Fig. 7).

Under response,.relay 547 locks to battery nowv present on the bus conductor 540, as already described. In addition to connecting the eight conductors 492 to 499 (Fig. 7) to the field windings of the respective. motors of the display groups Low and Last, the relays 541 and 547 (Fig. 6) also close obvious paths forvenergizing the armature windings of the respective motors with direct current. At the instant the relay 547 closed aits locking contact, battery potential from the bus conductor 540 became effective over conductor 546 (Fig. 7) to shunt down the relays 318 and 319. The latter relay thereby disconnects marking battery from the sector 295 (Fig. 4) of the switch RS, whereupon the relay 323 (Fig. 7) will be disconnected. The purpose of the associated marking battery relay 487 (Fig. 7) will appear as this'description proceeds.

Attention will now be momentarily turned from the operations effected by'response of the various relays, to an instant corresponding with cessation of the fractions signal of the assumed quotation, at which time the digit switch DS stepped to its fifth position, segments 205 (Fig. 4). It will first be pointed out that the four units comprising the price register group RT1 (Fig. 5) have been indicated from right to left, F, U, T and H to correspond with the fractions, units, tens and hundreds places respectively handled by these units, while the units of the group RT2 have been indicated H, T and 'IT to correspond with the hundreds, thousands and ten-thousands places of quantity items which are handled by the latter units. From a lsystem standpoint, clearness is served by the schematic form in which these devices that the specific labeling of the parts of the fractions unit F and the detailed description thereof, which will presently be resumed, are believed sufficient to the purpose of this system description. Therefore, only a brief discussion of the system features of the other six register translator units will be given.

Accordingly, for the reception of the units signal when the switch DS (Fig. 4) is in its fifth position (on contacts 205) as above described, the remaining three signals of the price item and the Cil 

